At any given time there is a number of poorly qualified applicants that are looking at every property hitting the market.

I'm sure there's still the risk of getting sued even with commercial lending but I bet it's less than the residential side.

Since I am paying rent in LA(and will be working here 5+ years), I’m thinking that getting a duplex/triplex etc and living in one unit and renting out the others, living mortgage free, or as close as possible, is my best bet to start.

@Dakota Shuck I think house-hacking would absolutely be your best bet.

It sounds like your best bet is to pursue a HELOC to finish the ADU and then submit a cash-out refi for the long term 30 YF financing. 

If you have not, great books to read are:•Rich Dad, Poor Dad•The Millionaire Next Door•Cash Flow Quadrant •Tax Free Wealth•Set For Life•Rental Property Investing•The Millionaire Real Estate Investor•The REAL Book of Real Estate •So Good They Can’t Ignore YouYou are more than welcome to reach out if you have any questions.

After a second read through of Rich Dad, Poor Dad about a month ago, something clicked this time with me and opened the world of real estate investing.

I want to BRRRR this property but how am I supposed to refi with no income + poor credit.

A property seems like it could easily crash and burn if poorly managed.

What is your best bet?